Perp DEXs Disrupting the Traditional Financial Stack ❌ Delphi Digital Perp DEXs are no longer simply derivatives exchanges. Core functions previously handled by Wall Street in traditional finance are being absorbed into a single on-chain venue. 🟢Hyperliquid → Preparing for native borrow/lend 🟢Major Perp DEXs → Developing their own stablecoins 🟢Rapidly expanding to include spot, options, structured products, and vaults This is a battle to become the "Wall Street" of the next digital economy. 🟢There won't be many winners. 🟢Deepest liquidity 🟢Top traders 🟢A platform that attracts builders and capital Only a few Perp DEXs that meet these criteria will widen the gap, creating a self-reinforcing flywheel. In the long term, on-chain companies will rely on this platform to: 🟢Raise funds 🟢Treasury Operations 🟢Borrowing/Lending 🟢Hedging are all handled in one place. Functions that previously required relationships with major banks are now accessible to anyone with a single wallet. Perp DEX is not just an "exchange," it is evolving into an on-chain financial infrastructure in its own right.